Small differences in savings or CD rates may seem trivial. But, earning more in your savings and CD accounts can lead to much larger account balances balances over time when you examine the difference in compound interest over time. Use our calculator on the right below to see how much larger your accounts can be by moving to higher earning savings and CD rates.
This analysis is for demonstrative purposes only and may change should certain assumptions prove incorrect. Savings rates may change and CD rates may not be renewable for the length of the term of the analysis. The difference between the bank rate entered and the average rate may not remain constant throughout the term.
| Rate: 0.18% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 36 | 25 |
| 2 | 20,036 | 36 | 26 |
| 3 | 20,073 | 37 | 26 |
| 4 | 20,109 | 37 | 26 |
| 5 | 20,146 | 37 | 26 |
| 6 | 20,183 | 37 | 26 |
| 7 | 20,219 | 37 | 26 |
| 8 | 20,256 | 37 | 26 |
| 9 | 20,293 | 37 | 26 |
| 10 | 20,330 | 37 | 26 |
| TOTAL: | $367 | $257 |
| Rate: 0.07% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 14 | 10 |
| 2 | 20,014 | 14 | 10 |
| 3 | 20,028 | 14 | 10 |
| 4 | 20,042 | 14 | 10 |
| 5 | 20,056 | 14 | 10 |
| 6 | 20,070 | 14 | 10 |
| 7 | 20,084 | 14 | 10 |
| 8 | 20,098 | 14 | 10 |
| 9 | 20,112 | 14 | 10 |
| 10 | 20,126 | 14 | 10 |
| TOTAL: | $140 | $98 |
The accounts below offer some of the best rates in the country can be opened online, and are available nationally. As the calculator shows, changing accounts to earn a higher interest rate can really add up over time.
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
5.40% | $2,500 |
Learn More on the First Foundation Bank website |
|
|
High-yield savings with long-term rate security. Member FDIC. 12-Month |
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|
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5.75% | $1,000 |
Learn More on the Forbright Bank website |
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Start earning 5.75% APY with a high-yield CD that supports a greener economy. Easy signup. FDIC-insured. 9-Month |
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|
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5.30% | $2,500 |
Learn More on the Discover Bank website |
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Guaranteed returns. No account fees. Member FDIC. 9-Month |
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|
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5.20% | $2,500 |
Learn More on the Discover Bank website |
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Guaranteed returns. No account fees. Member FDIC. 12-Month |
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|
5.00% | $2,500 |
Learn More on the Discover Bank website |
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Guaranteed returns. No account fees. Member FDIC. 18-Month |
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